First Time Buyer

Buying a house is one of the most important purchases you will ever make!

Buying a home for the first time can be an even more daunting prospect. With so many factors to consider it can be difficult to know where to begin when looking for your first mortgage. As an experienced mortgage advisers, this is where we can help.

Where do I start?

Begin by speaking with us today. We’re experienced mortgage brokers and have helped lots of first time buyers. We offer Free Initial Mortgage Advice with no obligation. We will help you and guide you on the best way to get on the property ladder and will explain the process of buying a home in plain English.

We see customer service as an important part of our role as a mortgage specialist. We’ll carefully asses your requirements and recommend only the best mortgage for you making it simple, easy and straightforward. We will also provide you with a Helping Hand Brochure to plan your first purchase. We do all the hard work, so you don’t have to.

Are you a true first-time buyer?

Mortgage lenders will regard you as a first-time buyer if you have never owned or part owned a property in the UK or anywhere else in the world. If this is not the case then you will not qualify as a first-time buyer for mortgage purposes.

How much can I borrow?

The actual amount you could borrow will depend on a number of factors including your income, your deposit & your outgoings.

As every lender across the market will vary on how much they will lend you, we will help to work this out for you by doing a simple affordability checks (no credit scoring involved). We will confirm how much you can borrow in a day and advice on the best suited lender for your situation.

With your consent, we can then apply for an agreement in principle and if your mortgage is approved we will provide you with your mortgage certificate which is valid for 30 to 90 days depending on the lender.

What Options are available?

• Standard First-time Buyer mortgages

The conventional way of buying a property with 100% ownership. You will require a minimum of 5 to 10% deposit.

• Shared Ownership Mortgages

This is a cross between buying and renting. You buy a portion of the property (minimum 25%) and pay rent on the remainder, typically to a local authority or a housing association.

• Right to Buy mortgages

This scheme helps eligible council and housing association tenants in England to buy their home with a discount.

• Joint mortgage

If you cannot afford to buy a property on your own, you can make a mortgage application with a family member. Both borrowers will sign the mortgage deed and own the property and both are responsible for making your monthly payment.

• Lifetime ISA

Also known as LISA. You can open the saving account before the age of 40 to help save your deposit. You can save up to £4,000 per tax year which will be topped up by 25% by the government. Your LISA balance can only be accessed for first-time property purchases up to £450,000 or on retirement.

• Joint borrower, sole proprietor

Also known as Guarantor mortgage. It’s where two or more people are on the mortgage but only one person will be the legal owner of the property. This arrangement usually happens between close family members such as parents or children. Both borrowers are still responsible for the mortgage repayments.

What Types of Mortgage deals are available?

Fixed Rate mortgages, Tracker Rate mortgages, Variable Rate mortgages, Discounted Rate mortgages, Stepped Fixed mortgages, Capped mortgages, Offset mortgages

How much Stamp Duty will I pay?

First-time buyers are eligible for a stamp duty relief. The relief can change from time to time so it’s best to use Stamp Duty Calculator to work out the cost.

Calculate your Stamp Duty fees here. STAMP DUTY CALCULATOR

The Buying Process

1. Find out how much you can borrow. We will work this out for you and provide you with an Agreement in Principle
2. Look for the perfect property
3. Make your Offer
4. Arrange mortgage. We will process this for you and will liaise with the mortgage lender direct
5. A Survey will be carried out
6. Mortgage Offer is produced
7. Solicitor ( Conveyancer ) will start on all the necessary legal work.  We can help to find you a solicitor to make it stress free
8. Contracts are exchanged
9. Completion date is set
10. Completion – Pick up your keys and move into your dream home

And don’t forget to protect your income, your health, your life and your home!

You Choose…

So, rather than trawling the high street and agonizing over your choice, you could save time and money by speaking with us and getting the very best mortgage quote for your situation. We are open 24/7 

themortgagechoice is a specialist mortgage broker based in Byfleet, Surrey. We work with clients in Guildford, Woking and across the entire UK.

Your home may be repossessed if you do not keep up repayments on your mortgage.